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With a market capitalization of more than USD 10 bn and almost USD 2bn of annual profits, Teck Resources is one of the large companies that nobody knows of. Moreover, it belongs to the mining stocks that is not in fashion. However, its balance sheet has been significantly delevered, and the company has only USD 5mia of debt on its balance sheet, ie less than 3 years of free cash flow. The share is trading at 5x earings and, like the whole sector, is down about 16% since the beginning of the year. The share is at USD 16.95 and the analysts' price targets at more than USD 26, more than 50% above current prices. Possible catalysts for share appreciation : sectoral rotation into value shares or any announcement of a US infrastructure recovery plan ...

This is not a recommendation but just our opinion. Please consult with your financial advisor before investing!

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